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tv   Squawk Alley  CNBC  March 10, 2016 11:00am-12:01pm EST

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>> it's 11:00 a.m. on wall street and squawk alley is live. good thursday morning. kayla is live in san francisco this morning after her exclusive interview with square's jack dorsey. john forte and myself here along with henry. good morning to you. >> great to be here.
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>> a lot to get to today. we'll start with the markets. volatility the name of the game after the ecb cuts rates and expands their bond buying program but the market for 60 minutes ago fell on the news that a big reversal. same thing with oil on the down side as opec sources tell reuters that no meeting will take place in march. then there's politics. presidential front runner tonld trump joined squawk earlier this morning. here's what he said about currencies and the u.s. relationship with china. >> you can devalue but you can do something else that i think is probably much better than devaluing. you can charge a surtax so you can charge a tax for products that they sell in the united states. they're taking advantage of our country. we don't have strong leadership. i don't think we have strong economic leadership at all. you look at what's going on with the world and what other people and countries are doing to us.
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china is the grand master of all. >> front page of the journal. is this story about free trade taking the mantlel as the big dynamic in the political cycle right now. >> absolutely. >> it's very easy to criticize. we're weak. they're taking advantage of it. the real world is way more complicated. you snap on tariffs. prices rise. that hurts people in the u.s. so many products produced by u.s. companies are manufactured in china. slapping tariffs on those. who knows. it's tremendously complex. the world is moving toward freer trade. that has been good for the world. >> how does this shake out? you see bernie sanders hitting hillary clinton for a position on trade that a lot of people here in lower manhattan would be in favor of and then you have
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donald trump talking about slapping tariffs on chinese imports. how does that actually shake out once you get into congress? once you get into the real business of governing and managing this economy? >> well it is very easy to criticize the economy and make that point that you would do better. it's easy to have clear policy movements that people would agree with and think will help. everybody is noting the economy should be much better than it is and there's all sorts of prescriptions. >> but this antitrade message from the right and the left. how do you turn that around when you're getting it from both sides during this political season. >> how does it play out? that's the key to your point. what do you do when you get into congress? what products are we going to raise tariffs on? what is that going to do. >> reagan went in there on his own and did things, everything from color tvs to appliances, it can be done. >> it can be done and maybe
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there is a value to threat and i think one thing trump has going for him is people are certainly convinced that he is a tough guy and going to throw a punch and maybe that works. maybe things start to change as a result of that. >> are you surprised we just had steve on that says business needs to start speaking out about why trade works the way it works. why isn't business saying more? >> i don't think business wants to take the punch. you got something like trump right now. any time anybody says anything critical or even neutral about what he's saying he throws a punch at them. why would you want to stand up and do that? again go back to trump saying that apple should make iphones in the united states. you just even begin to think about that. where the parts all come from, where they're assembled. what an iphone would cost if you forced the biggest company in the world practically to move all of it's production to the united states. prices go through the roof.
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it's crazy talk and yet it's sounds great. like, oh, yeah, they should make them here. but when you actually get into it it's much more complicated than that. >> some production is state side as apple will be quick to point out. >> the mac pro which is low margin, high volume, really expensive. if you were to bring that to the job with the actual hours that the workers in china want to work, they're not even getting the hours many of them want, how many people would want that job. >> that conversation is going to get deeper in the days to come. shares of square up after earnings last night. kayla talked to jack dorsey after the first earnings report and what a story that has become kayla. >> carl, it's clear that investors were using the post earnings lift now the day later to actually sell some of those shares. shares down nearly 8% this morning. shares of twitter, of course the other company that's ceo jack
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dorsey helms are down as well. not sharply. square is a heavily shorted stock. there's not that much stock publicly available and of that publicly available float about half of that is currently being borrowed to short it. that's a pretty high percentage by comparison for twitter. square has a big lockup and usually positioned to sell shares ahead of that. there were some positive sentiments last night a bigger than expected revenue beat a targeted profitability this year. all of that is fine and well. but there's still a lot of sellers today but i asked jack dorsey why investors are betting against him. here's what he said. >> i don't know if it's us. there's a lot happening in the market that is complicated. we need to constantly show that
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we're focused on the right thing. focused on building great tools for sellers and that they value them and we continue to see that growth and i think we're not only a first mover in a lot of areas and innovator in a lot of areas but also we have the best experience and we certainly compete with a lot but what we find is that our competitors are only going after one part of the equation where as we're looking at a cohesive end to end of what a seller truly needs. >> are you worried that if a product stumbles, if you hit a broad block, the people will put the blame on you and say he is spread too thin? >> i'm concerned about a number of things but my main concern is really are we delivering something for people that they value. and they want to use more and more and more of and that's my strongest signal and barometer and that's what we're going to
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focus on. >> investors and analysts alike do agree with dorsey that the opportunity for long-term growth is huge. they do have the brand advantage. they're very committed and engaged with the square brand and they feel like it offers them a lot. there's so many hurdles for the company including the lockup and including the fact this they won't be profitable until the midpoint of this year. certainly the conversation has changed from the positive of earnings yesterday. certainly getting interesting for both square as the concerns resurface. and he said it helped teach him a lesson. i don't want to be an investor. welcome to the club i guess. you said yesterday square has the chance to be it's own crm
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for the small business and some is encourageling some would argue. >> what i want to see is how do they do it keeping up this revenue. a lot of it is hardware based at this point. they're spending to get small businesses on their platform. square is part of the pta at my kids school in new jersey. kind of help get them set up on it. it's a beautiful system. especially if you use it fully for keeping the addresses and contact information of people that you do business with to be able to send out e-mail blasts and news letters to have that relationship with customers. if square can get traction with that they have something more powerful including paypal. but it's going to be long. it's not something that's going to pop up in a couple of quarters and all of a sudden they're going to be gang buste s busters. it's the incredible fraud and the late stage financing market.
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so i think you have to separate what's going on fundamentally at the company that seems good. they're making progress. not a moon rocket. but they're making good progress with the overhang of the hype cycle of two years ago. >> but you would argue that names like a square or a box, which we didn't get to today are growing into the valuations slowly. >> the valuation is coming down and the companies are growing and eventually you're going to get to a point where it makes sense. twitter got down to 13. it's four or five times revenue. it's cheap for a company with theoretically no content costs. they can have a big margin some day if they manage to turn it around. they're getting to where you say okay. that's reasonable. i got a good risk, reward there.
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>> one quick breaking news point here. getting some changes at bridgewater. dom is watching that at hq. >> the world's biggest hedge fund announced they have now hired john rubinstein as the co-chief executive officer. he was for many years part of the apple senior team and one of the people credited with development of the ipod platform. he also later was an executive with the company that did a handheld, you know, smart devices as well. he currently sits on the board at amazon and qualcomm. in their statement, again, the company bridgewater says that technology is persuasively important at bridgewater, especially since some of our major strategic initiatives in the coming years continue building out one of the system making tools that's been so successful in our investment area so one of the big quantitatively driven fund managers out there hires a technology executive to be it's
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co-ceo in this case. back over to you guys. >> interesting. and doubly interesting knowing what we know about their macro view of the world which fits into what draghi did today. >> we have hedge funds hiring tech executives. co-ceo of the company. >> that's a strange one. >> meanwhile to the white house we go for a news conference between the president and the prime minister of canada. >> i regret to inform you that we have still not reached agreement on hockey. but it is not interfering with the rest of our bilateral relationship. as i said earlier this visit reflects something we americans don't always say enough and that is how much we value our great alliance and partnership with our friends up north. we are woven together so deeply as societies, as economies, that
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it's sometimes easy to forget how truly remarkable our relationship is. a shared border, more than 5,000 miles that is the longest between any two nations in the world. every day we do some $2 billion in trade and investment and that's the largest bilateral economic relationship in the world. every day more than 400,000 americans and canadians cross the border. workers, business people, students, tourists, neighbors, and of course every time we have a presidential election our friends to the north have to brace for americans that swear they'll move to canada if the guy from the other party wins. so, but typically it turns out fine. this is now my second meeting with justin. i'm grateful that i have him as a partner.
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we have a common outlook on what our nations can achieve together. he campaigned on a message of hope and of change as positive and optimistic vision is inspiring young people at home he's governing with a commitment to inclusivity and equality. on the world stage his country is leading on climate change and cares deeply about development so from my perspective what's not to like? of course no two nations agree on everything. our countries are no different. but in terms of our interests, our values, how we approach the world, few countries match up the way the united states and canada do. and given our work together today, i can say and i believe the prime minister would agree that when it comes to the central challenges that we face our two nations are more closely aligned than ever. we want to make it easier to trade and invest with one another. america is already the top destination for canadian exports
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and canada is the top market for u.s. export which is support about 1.7 million good paying american jobs. when so many of our products like autos are built on both sides of the border and integrated supply chain, this co-production makes us more competitive in the global economy as a whole and we want to keep it that way. we instructed our teams to make it easier for goods and people to move back and forth across the boarders. including reducing bottlenecks and streamlining regulations. we discussed how to move forward with the transpacific partnership and today we also reaffirmed our determination to move ahead with an agreement to reclear travellers through immigration and customs making it even easier for canadians and americans to travel and visit and do business together. as nato allies we're united against the threat of terrorism. canada is an extraordinarily valued member of the coalition
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fighting isil. tripling it's personnel to help train and advise forces in iraq. stepping up it's intelligence efforts in the region and providing critical humanitarian support. we're working closely together to prevent the flow of foreign fighters and today we agreed to share more information including with respect to our no fly list and full implementation of our entry exit system even as we uphold the privacy and civil liberties of our suspected citizens. in syria, the hostilities lead to a measurable drop in violence in the civil war and the united states and canada continue to be leaders in getting aid to syrians in desperate need. meanwhile our two countries continue to safely welcome refugees from that conflict and i want to commend the canadian people once again for their compassionate leadership on this front. i'm especially pleased to say the united states and canada are
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fully united in combatting climate change. as the first u.s. president to visit the arctic i saw how both of our nations are threatened by rising seas, melting perma frost, disappearing glaciers and sea ice so we're foe cousin on making sure the paris agreement is fully implemented and we're looking to double our investments and clean energy and research and development. we're announcing new steps. canada is joining us in our goal to bring down methane emissions in the oil and gas sectors in both of our countries and together we're going to move swiftly to establish comprehensive standards to meet that goal. we're also going to work together to phase down hfcs and to limit carbon emissions from international aviation. we're announcing a new climate and science partnership to protect the arctic and it's people and later this year i'll welcome our partners including
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canada to our white house science on the arctic to deepen our cooperation in this vital region. we're also grateful for canada's partnership as we renew america's leadership across the hemisphere. i want to thank you for continuing support for our new chapter of engagement with the cuban people which i will continue with my upcoming visit to cuba next week. we're going to work to help columbia achieve peace and remove the deadly legacy of land mines there and our scientists and public health professionals will work across the hemisphere to prevent the spread of the virus and work together actively for diagnostic and vaccines that can make a real difference. and finally our shared values, our commitment to human development and dignity of all people continue to guide our work as global partners. through the global health security agenda we're stepping
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up our efforts to prevent outbreaks of diseases from becoming epidemics. we're urgently working to help ethiopia deal with the worst drought in half a century. today our spouses are reaffirming our commitment to the health and education of young women around the world and canada will be joining our power africa initiative including renewable energy to homes and businesses across the country and help lift people out of poverty. those are our values at work. i want to thank you for our partnership. i believe we layed the foundation for even greater cooperation for our countries for years to come. i like to think that it's only the beginning. i am pleased that we were able to announce the next north american leader summit that will be in canada this summer. the prime minister has invited me to address the canadian
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parliament. that's a great honor. i look forward for the opportunity to speak directly to the canadian people about the extraordinary future that we can build together. >> thank you mr. president. good morning, everyone. it's an honor to be here. as i have reflected on the storied relationship between our two great countries, ic i constantly return to president kenne kennedy's wise words and what unites us is far greater than what divides us and as president obama mentioned earlier, if geography made us neighbors then shared values made us kindred spirits and it's our choices. individually and collectively that make us friends. that friendship matched by much hard work allowed us to do great things throughout our history. from the beaches of normandy and
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now today on climate change. the president and i share a common goal. we want the clean growth economy that continues to provide good jobs and great opportunities for all of our citizens and i'm confident that by working together we'll get there sooner than we think. let's take the paris agreement, for example, that agreement is both the symbolic declaration of global cooperation on climate change as well as a practical guide for growing our economies in a responsible and sustainable way. canada and the u.s. have committed to signing the agreement as soon as possible. we know that our international partners expect and indeed, need leadership from us on this issue. the president and i have announced today that we'll take ambitious action to reduce methane emissions nearly by half from the oil and gas sector.
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reduce use and emissions of hydroflora carbons and impliment for heavy duty vehicles to fight climate change. >> translator: we also announced a new partnership aiming to develop a sustainable economy in the arctic. this part nowhereship foresees new standards based on scientific data. from fishing in the high seas of the arctic as well as new standards to ensure maritime transport with less emissions. the partnership will also promote sustainable development in the region in addition to putting the bar higher in terms of preserving the bio diversity in the arctic. we have also decided to make our boarders both more open and more safe by agreeing, preclearing
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the airport in toronto and quebec as well as vancouver. more over we are creating a u.s.-canada working group otolaryngology next 60 days on the resources to access how we will resolve identity on the no fly list. >> acknowledge the fundamental and holy unique economic relationship between canada and the united states. we have historically been each others largest trading partners. each and every day over $2.4 billion worth of goods and services cross the border. today, we reaffirmed our commitment to streamlining trade between our countries. overall, the president and i agree on many things including of paramount importance the
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direction we want to take our countries in to ensure a clean and prosperous future. we have made tremendous progress on many issues. and fortunately i will leave town with my beloved expos still here in washington. you can't have everything. i'd like to conclude by extending my deepest thanks to barrack for his leadership on the climate change file to date. i want to ensure the american people that they have a real partner in canada. canada and the u.s. will stand side by side to confront the pressing needs that face not only our two countries but the entire planet. i'm very much looking forward to the remainder of my time here in washington. so thank you again for your leadership and your friendship. i know that our two countries can achieve great things by working together as allies and
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as friends. as we have done so many times before. >> translator: thank you very much barrack. >> we'll take a few questions. start with julie davis. >> thank you mr. president. i want to ask you about the supreme court. you have already said that you're looking for a highly qualified nominee with impeccable credentials. can you give us a sense of what other factors you're considering in how much of this comes down to a gut feeling for you and does it effect your decision to know that your no, ma'am yee is very likely to hang out in the public eye out hearings or a vote for a long time or maybe ever and shouldn't that be driving your decision if you're asking someone to put themselves forward for this position at this point? for the prime minister, i wanted to ask you, we know you have been following our presidential campaign here in the u.s. you even made a joke about welcoming americans who might be frightened of a donald trump presidency to your country. what do you think the stakes are for you and for the relationship between canada and the united
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states if donald trump or ted cruz were to win the presidency and to succeed president obama? you obviously see eye to eye with him on a lot of issues. how would it effect the relationship if one of them were to succeed president obama? >> thank you. >> even though it wasn't directed at me, let me just -- i do want to point out i am absolutely certain that in 2012 when there was the possibility that i might be reelected there were folks threatening to go to canada as well and you know, one of the great things about a relationship like canadas and the united states is it transcends party and it's bipartisan in terms of the interests that we share. with respect to the supreme court, i have told you, julie, what i'm looking for. i want somebody who is an
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outstanding jurist. who has impeccable legal credentials. who by historical standards would not even be questioned as qualified for the court. obviously it's somebody who i want to make sure follows the constitution, cares about things like precedent. understands the necessary humility of a judge at any level in looking at statute. looking at what the elected branches are doing.
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and making sure that it doesn't skew in ways that systematically leave people out. that are mindful of the traditions that are imbedded in our cherished documents like the bill of rights. so in terms of who i select i'm going to do my job and then my expectations can be will the senate do its job. that would suddenly read into the constitution requirements and norms and procedures that no longer want to be found there. that's precisely the approach
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that they have rejected and they accuse liberals of engaging in all the time. you can't abandon your principles for the sake of political expedience. we'll see how they on period rate once a nomination has been made. i'm confident that whoever i select, among fair minded people will be viewed as an imminently qualified person. it will then be up to senate republicans to decide whether they want to follow the constitution and abide by the rules of fair play that ultimately undergerd our democracy and ensure that the supreme court does not just become one more extension of our polarized politics if and when
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that happens our system is not going to work. it is not that the supreme court or any of our courts can be sealed from the rest of our society. these are human beings. they read the newspapers. they have opinions. they have values but our goal is to have them be objective and be able to execute their duties in a way that gives everybody both the winning party and the losing party in any given case a sense that they were treated fairly. that depends on a process of selecting and confirming judges that is perceived as fair. and my hope is is that cooler heads will prevail and people will reflect on what is at stake here once a nomination is made.
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>> one of the things that is abundantly clear whenever president and prime minister sit down to engage on important issues of relevance to our people is the relationship and the friendship between our two countries goes far beyond any two individuals or any ideology. i have tremendous confidence in the american people and look forward to working to whomever they choose to send to the white house for later this year. >> alex. >> good morning. this meeting is happening at a unique point in the canada-u.s. relationship. president obama, you have very little time left here. prime minister, you have several years to think about and work on canada's most important relationship. so i'd like to ask you a longer term question maybe to lay down
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markers about big ideas and big things the two countries could achieve in the coming years beyond the next few months and whether those things might include something like a common market that would allow goods and services and workers to flow more freely across our border. and on a more personal note you've had a chance to observe each others election campaigns and now you have had a chance to work together a little bit. i'd like to ask you for your impressions, to ask about your impression of president obama and his potential legacy and about prime minister trudeau's potential. if you could answer that in french bonus points to either of you but we'd be especially keen to hear prime minister trudeau do so. >> thank you. first of all we very much did engage on big issues throughout our conversations and throughout our hard work this morning and over the months leading up to this meeting today. issues that are of importance not just to all of our sids but
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to the entire world. whether it's how we ensure there is no contradiction between a strong economy and protected environment. understand how we need to work together as individual countries and a planet to address climate change. how we continue to ensure it for here at home and also health security for people around the world facing pandemics and violence and issues. these are issues we have been engaged on over the past centuries and will continue to. one of the things we highlight is the fact that we have different scales, different
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perspectives is a benefit in that we can compliment each other in our engagement with the world and approach to important issues. so i look forward to many, many, many more years. it will certainly out live the both of us of a tremendous and responsible and effective friendship and collaboration between our two countries. >> translator: the the topic of discussions this morning has been what is at stake. climate change, security in the world. our commitment toward the most vulnerable populations. canada and the united states are lucky countries in many ways. this is what we are going to keep on doing in the years and
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the decades to come and centuries to come. president obama, he is somebody with a deep thinker and somebody with a big heart but also a big brain and for me to be able to count on a friend who has lived through many of the things that i'm about to encounter on a political stage and on the international stage it's a great comfort to me. it's always great to have people that you can trust. people that you can count on. personally. especially when you're facing very big challenges. such as we are doing right now in the united states and canada. always pleased to hear from president obama how he has engaged with difficult issues of
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the past because he is a man of both tremendous heart and tremendous intellect and being able to draw on his experience and his wisdom as i face the very real challenges that our countries and indeed our world will be facing in the coming years is something i appreciate deeply about my friend barrack. >> well, alex was it? let mu me just note first of all that the tryour impression seem imply that i am old and creeky. >> not the tenor of my answer. >> no, you managed it well. but don't think i didn't catch that. it is true, i think i said before and i indicated that if
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you want to keep your dark hair you have to start dying it early. you hit a certain point, it's too late. you'll be caught. but i think justin and his delegation, this is a team effort and not a solo act. they're bringing the right values, enormous energy, enormous passion and commitment to their work and perhaps most importantly it's clear that they are keenly interested in engaging canadian citizens in the process of solving problems. and i think that's how democracies are supposed to work and their instincts are sound. and that's reflected in the positive response. to the work that they have done so far. and i think that will carrie them very far and justin's
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talent and concern for the canadian people and his appreciation of a vital role that canada can play in the world is self-apparent. he is i think going to do a great job. we're looking forward to partnering with him. we're glad to have him and his team as a partner. and with respect to big ideas, to some degree you don't fix what is not broken and the relationship is extraordinary and i don't think they need some set of revolutionary concepts. what it does require is not taking the relationship for granted. it does require steady effort
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and most importantly that we recognize on the big looming issues on the horizon it is vital for us to work together because the more aligned we are, the more we can shape the international agenda. to meet these challenges. climate change is such an example. this is going to be a big problem for everybody. there are countries that are going to be hit worse by it. in some ways canada and the united states as wealthier countries can probably adapt and manage better. on the other hand, we're also those responsible for a lot of the carbon pollution that is causing climate change. if we don't pool our resources around the research and
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development and clean energy agenda required to solve this problem then other countries won't step up and it won't get solved. that's a big idea. one of the things that canada and the united states share is a commitment to a free market. a market based economy is the greatest engine for prosperity that the world has ever known and freedoms in many ways and we value our business sector and entrepreneurship. but what we're seeing across the developed world and this will have manifestations in the developing world is the need for
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more inclusion in growth. making sure that it's broad based. making sure that people are not left behind in a globalized economy and that's a big idea for the united states and canada to work together on. along with our other partners. if we don't get this right if we don't make sure that the average american or canadian has confidence that the fruits of their labor, taunand opportunit for their children are going to con to expand overtime f they see societies in which a very few are doing better and better
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and the middle class is falling further behind. that destabilizes the economy and makes it rapid in it's growth but starts destabilizing our politics and our democracies and so working together to find effective ways not to close off boarders and not to pretend to somehow shut off trade and they're a nation of ill grants but rather to say the world is big and we are going to help shape it and we're going to value our openness and our diversity and the fact that we are leaders in a global supply chain but we'll do so in ways that makes sure that everyone
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benefits and i know justin shares that commitment just as i do. >> do you feel responsibility for that or even some of the protectionist rhetoric from some democratic candidates? do you have a time line for when you might make a presidential endorsement and do you feel political heat is constraining your pool of viable supreme court nominees. thank you. i think it's important for me to nominate a supreme court nominee quickly because it's important to have the full compliment of
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justices. i don't feel constraint in terms of the pool to draw from or that i'm having to take shortcut miss terms of the selection and vetting process. >> i actually heard this argument a number of times. i have been blamed by republicans for a lot of things but being blamed for their primaries and who they are selecting for their party is novel. i said at the state of the union that one of my regrets is the degree to which polarization and
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the nasty tone of our politics has accelerated rather than waned over the course of the last 7.5 years and i do soul searching but i also have to say that objectively it's fair to say that the republican political elites and many of the information outlets, social media, news outlets, talk radio, television stations have been feeding the republican base for the last seven years, a notion that everything i do is to be
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opposed that cooperation is somehow a betrayal. that maximalist absolutist issues are politically advantageous. that there is a them out there and an us and them are the folks causing whatever problems you're experien experiencing and the tone of that politics. which i don't think that icon tributed to. i don't remember prompting questions about my birth certificate. i don't remember saying why don't you ask me about that?
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why don't you question whether i'm american or whether i'm loyal or whether i have america's best interests at heart. those aren't things that were prompted by any actions of mine. so what you're seeing within the republican party is to some degree all of those efforts over a course of time creating an environment where somebody like a donald trump can thrive. he is just doing more of what has been done for the last 7.5 years and, in fact, in terms of his position on a whole range of issues they're not very different from any of the current candidates. it's not as if there's a massive difference between mr. trump's position on immigration and mr. cruz's immigration.
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mr. trump might be more provocative of how he says it but the actual positions are not that different. they're not that different from mr. rubio's positions on immigration despite the fact that both mr. cruz and mr. rubio, their own families are the products of immigration and the openness of our society. so i am more than happy to own the responsibility as president to continue to make efforts to bridge divides and help us find common ground. as i said before i think that common ground exists all across the country. you see it every day and how people work together and live together and play together and raise their kids together.
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but what i'm not going to do is to validate some notion that the republican crack up that's been taking place is a consequence of actions that i've taken and what's interesting, i'll just say one last thing about this, there are thoughtful conservative who is are troubled by this and troubled by the direction of their party. it's very important for them to reflect on what it is about the politics they have engaged in that allows the circus we have been seeing to transpire and to do some introspection because
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ultimately i want an effective republican party. i think this country has to have responsible parties that can govern and that are prepared to lead and govern whether they're in the minority or in the majority. whether they occupy the white house or they do not. and i have often said that i want a serious effective republican party in part to challenge some of the blind spots in the democratic party. and i think that's useful. you mention trade for example. i believe that there have been bad trade deals on occasion in the past that often times they have served the interests of global corporations but not necessarily served the interests of workers.
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but i am absolutely persuaded that we can't put up walls around a global economy. and sell a bill of goods that if you just shutdown trade somehow your problems will go away. prevents us from actually solving some of these big problems about inequality and the decline of our manufacturing base and so on. and that's an area where some traditional conservatives and economists have had some important insights. they can't be presented effectively if it's helping
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folks working hard and trying to pay the bills and certainly it's not going to be heard if it's coupled with antiimmigrant sentiment that betrays our values. so okay. >> i think that the democratic voters are doing just fine working this up. we had a vigorous debate among two good people who care deeply about our country and who have fought hard on behalf of working people in this country for a long time. i think it's been a good conversation and my most important role will be to make
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sure that after primaries are done i'm bringing everybody together so that we focus on winning the general election. >> i'll be asking the prime minister my question in french but i'll be repeating it for you afterwards. >> translator: you have not talked about lumber and it's a major problem for the bilateral relations. have you thought about solutions to avoid that the conflict reopens in october and you signed several agreements, trade environment but what can you do so that the implementation survive the november election so that all of this has to be restarted a year from now. >> it's looming over the bilateral relation and has any
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avenue been explored into voiding a new conflict in october. and due to this issue hampering progress on this. and that being said you and the prime minister signed a number of agreements on a number of issues. what can be done for these progress not to be lost with the arrival of a new administration and have everything start all over again. >> translator: thank you. for months and months we have been preparing that meeting and this morning we worked very hard and we made a lot of progress and a lot is at stake. we hope it will help enormously. not only canadian workers and economy but also the economy of both of our countries and among
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these discussions, we of course we raise the question of softwood lumber. we keep on working on that and i'm totally confident that we are on the right track toward a solution in the next weeks and months to come. i'm extremely confident that what we have managed to achieve, the agreements that we have taken and the solutions that we have found for the problems that we face together, i'm confident that all of this is going to become a reality because at every stage not only are we talking about what is good for one side or the other side but we're talking about what is good for both countries. our populations are so interconnected that we are going
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to have agreement that will facilitate crossing of boarders while increasing security for our citizens. this is good for both sides and it's where we work so hard together. with a lot of progress and a lot of success today. >> many different issues over the course of an extremely productive meeting this morning. >> issues worked on intensely by our respective friends, colleagues and delegations over the past weeks and months. and certainly softwood lumber came up and i'm confident that we're on a track toward resolving this irritant. in the coming weeks and months.
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but in general, the issues that we made tremendous progress on i'm extremely confident will move forward in a rapid and appropriate fashion because we found such broad agreement on issues that aren't just good for one of our two countries but, indeed, both of our countries. canadians and americans for their jobs, for our kids and their future. for workers, businesses, as we tackle challenges on the economy. challenges on the environment and understand that working together in constructive productive ways is exactly what this relationship and, indeed, this friendship is all about. so i'm feeling extremely good about the hard work that was done this morning and indeed, about the work remaining to do
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over the coming weeks and mon s months. >> this issue will get resolved in some way. our teams are making progress on it. it's been a long standing bilateral irritant but hardly defines the nature of the u.s.-canadian relationship and we have very smart people and they'll find a way to resolve it. undoubtedly to the dissatisfaction of all parties concerned because that's the nature of these kind of things, right? each side will want 100% and we'll find a way for each side to get 60% of what they need and people will complain and grumble
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but it will be fine but in terms of continuity, one thing i'll say, i'll play the elder statesman and as alex described me and saw things very differently than i did. you know, what you discover is that for all the differences you may have in your political parties when you're actually in charge you have to be practical and you do what is needed to be
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done and what's in front of you and one of the things that is important for the united states or for canada or for any leading power in the wold world is to live up to its commitments and to provide continuing momentum for efforts even if they didn't start under your administration. so there's a whole host of initiatives that began under the bush administration. some that i was very enthusiastic about. like it's saved millions of lives and prevented hiv aids or provided vital drugs to those infected with hiv aids. me


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